DP World receives assurances over London Gateway project

DP World receives assurances over London Gateway project    The British government has told DP World that it remains minded to approve the London Gateway project that the Dubai-based port operator inherited with the purchase of P&O Ports.
   DP World said letters arrived Wednesday from the U.K.’s Department for Transport and the Department for Communities and Local Government stating a desire to arrive at a final decision “as swiftly as possible.”
   Following a lengthy review process, construction of the '1.5 billion ($2.85 billion) port and business park project, to be partly built on the site of a former oil refinery at Shell Haven in Thurrock, Essex, was given conditional approval July 2005.
   “This is important news and we are delighted with the U.K. government’s continued support,” said DP World Chairman Sultan Ahmed Bin Sulayem. “London Gateway is unique because of its scale and location. It involves the construction of a world-class port, and the U.K.’s largest logistics and business park — all on a brownfield site within close proximity to London and the major markets in the South East.”
   When fully developed, the 1,500-acre site will have an annual capacity of 3.5 million TEUs. Its roll-on/roll-off freight facility will be able to handle two vessels simultaneously. DP World anticipates that the first container berths will be operational by 2010 with the first business units occupied by the end of 2007.
   “London Gateway was a compelling factor in our acquisition of P&O, as we had already identified the potential of these projects in the heart of one of Europe’s largest consumer economies,” said Mohammed Sharaf, chief executive officer of DP World.